Secure Your Next Project

Bid bond is your first step toward securing a major construction project. It provides a financial guarantee to the project owner that you are a serious, qualified bidder. It also confirms that if you are awarded the contract, you will sign the final agreement and provide the required performance and payment bonds.

• Shows Credibility: Demonstrates to the project owner that your company is financially stable and has been vetted by a trusted surety provider.
• Secures Your Place: It guarantees that you will honor your bid, preventing the project owner from having to go to the next-highest bidder, which can cost them time and money.
• Often Required: Required by law on virtually all public-sector projects and a growing number of private ones.

Get a Free Quote and Get Bonded Today

How does a Bid Bond work?

A bid bond is a three-party agreement between the surety company, the contractor (you), and the project owner. If you win the bid but fail to enter into the contract or provide the required performance and payment bonds, the surety company will pay a predetermined amount to the project owner (typically 5-10% of your bid amount).

Do I need a bid bond even if I'm not the low bidder?

You may still be required to submit a bid bond even if you are not the low bidder, as you could be called upon to accept the contract if the low bidder is disqualified.

How much does it cost to get a bid bond?

For many contractors, a bid bond is free as long as they purchase the required performance and payment bonds from the same surety. In cases where there is a charge, it is typically a small, one-time fee.

What information do I need to get a bid bond?

You'll need basic information about your company and the project, including the bid amount, the project name, and the obligee.